Building financials on anything built before 2010. The reserve study deadline has put real assessments on older towers, and that is exactly where the resale softness is concentrated.
MRG Pre-Construction / Market
Brickell Pre-Construction
Brickell is Miami's densest pre-construction market, and right now it runs on two separate tracks: a buyer friendly resale mid tier with real negotiating room, and an ultra luxury new construction tier that barely flinches.
The MRG Read
Here is the thing most people miss about Brickell. The headline numbers blend two markets that have almost nothing to do with each other. The older resale and rental heavy buildings are sitting with real inventory and sellers who will talk. The brand new waterfront towers are a different animal, anchored by the kind of capital that does not care what the resale comps did last quarter.
Citadel moving its global headquarters here is not a marketing line, it is a demand floor. When a firm relocates thousands of high earners into a few blocks, the top of the market gets a buyer pool that simply did not exist five years ago. That is why the new construction tier keeps pricing through the noise while the mid tier softens.
For a pre-construction buyer, Brickell is about picking the right side of that split. The opportunity is real on both sides, but the risks are completely different, and so is the exit.
What to Watch
The spread between resale price per foot and new construction price per foot. When that gap is widest is usually when the resale entry points are most negotiable.
Absorption on the newest towers. Strong absorption on a launch tells you the floor is holding.
